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He Equipment Services, Inc. (HEES) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

He Equipment Services, Inc.

CIK: 1339605 Ticker: HEES

News Release

Exhibit 99.1

 

 

 

 

 

Contacts:

 

Leslie S. Magee

Chief Financial Officer

225-298-5261

lmagee@he-equipment.com

 

Kevin S. Inda

Vice President of Investor Relations

225-298-5318

kinda@he-equipment.com

 

H&E Equipment Services Reports Second Quarter 2020 Results

 

BATON ROUGE, Louisiana -- (August 4, 2020)

-- H&E Equipment Services, Inc. (NASDAQ: HEES) today announced results for the second quarter ended June 30, 2020.

 

SECOND QUARTER 2020 SUMMARY

 

 

Revenues decreased 16.6% to $278.3 million versus $333.6 million a year ago.

 

Net income was $8.8 million in the second quarter compared to net income of $22.6 million a year ago.  The effective income tax rate was 26.9% in the second quarter of 2020 and 26.8% in the second quarter of 2019.  

 

Adjusted EBITDA decreased 19.3% to $95.3 million in the second quarter compared to $118.0 million a year ago, yielding a margin of 34.2% of revenues compared to 35.4% a year ago.  

 

Total equipment rental revenues for the second quarter of 2020 were $155.8 million, a decrease of $36.5 million, or 19.0%, compared to $192.3 million a year ago. Rental revenues for the second quarter of 2020 were $140.8 million, a decrease of approximately $33.1 million, or 19.0%, compared to $173.8 million in the second quarter of 2019.

 

New equipment sales decreased 18.0% to $43.9 million in the second quarter compared to $53.6 million a year ago.

 

Used equipment sales decreased 5.9% to $34.0 million in the second quarter compared to $36.1 million a year ago.

 

Gross margin was 33.1% compared to 37.4% a year ago.  The decrease in gross margin was largely the result of lower rental gross margins.  

 

Total equipment rental gross margins were 38.0% in the second quarter of 2020 compared to 44.7% a year ago.  Rental gross margins were 41.5% in the second quarter of 2020 compared to 49.1% last year.  The decrease was primarily due to lower time utilization and rates.  

 

Average time utilization (based on original equipment cost) was 59.5% compared to 71.2% a year ago.  The size of the Company’s rental fleet based on original acquisition cost decreased 2.3% from a year ago, to $1.9 billion.

 

Average rental rates decreased 2.8% compared to a year ago and declined 2.8% sequentially based on ARA guidelines.  Beginning with the second quarter of 2020, rate changes will be reported in accordance with ARA guidelines.

- MORE -


The following information was filed by He Equipment Services, Inc. (HEES) on Tuesday, August 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Acquisitions
Acquisitions (Tables)
Acquisitions - Additional Information (Detail)
Acquisitions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Detail)
Acquisitions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Parenthetical) (Detail)
Acquisitions - Unaudited Pro Forma Consolidated Statements Of Operations Information (Detail)
Condensed Consolidating Financial Information Of Guarantor Subsidiaries
Condensed Consolidating Financial Information Of Guarantor Subsidiaries (Tables)
Condensed Consolidating Financial Information Of Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Detail)
Condensed Consolidating Financial Information Of Guarantor Subsidiaries - Condensed Consolidating Statement Of Cash Flows (Detail)
Condensed Consolidating Financial Information Of Guarantor Subsidiaries - Condensed Consolidating Statement Of Operations (Detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Detail)
Fair Value Of Financial Instruments - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Detail)
Fair Value Of Financial Instruments - Estimated Incremental Borrowing Rates For Similar Types Of Borrowing Arrangements (Parenthetical) (Detail)
Income (Loss) Per Share
Income (Loss) Per Share (Tables)
Income (Loss) Per Share - Additional Information (Detail)
Income (Loss) Per Share - Summary Of Computation Of Basic And Diluted Net Income (Loss) Per Common Share (Detail)
Income Taxes
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Leases
Leases - Additional Information (Detail)
Organization And Nature Of Operations
Organization And Nature Of Operations (Policies)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Schedule Of Information About Reportable Segments (Detail)
Senior Secured Credit Facility
Senior Secured Credit Facility - Additional Information (Detail)
Senior Unsecured Notes
Senior Unsecured Notes (Tables)
Senior Unsecured Notes - Reconciliation Of Senior Unsecured Notes To Condensed Consolidated Balance Sheets (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Additional Information (Detail)
Significant Accounting Policies - Schedule Of Changes In Carrying Amount Of Goodwill (Detail)
Significant Accounting Policies - Summary Of Revenues By Type And By Applicable Accounting Standard (Detail)
Stock-Based Compensation
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He Equipment Services, Inc. provided additional information to their SEC Filing as exhibits

Ticker: HEES
CIK: 1339605
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-036126
Submitted to the SEC: Tue Aug 04 2020 4:17:39 PM EST
Accepted by the SEC: Tue Aug 04 2020
Period: Tuesday, June 30, 2020
Industry: Miscellaneous Equipment Rental And Leasing

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